On June 6th, at 9:30am, Mike and I purchased our sixth investment property under our company, Happy Homes. Having lived her for slightly over five years, I feel pretty good about the current track record of our investment portfolio….even though the last project took 23 months. Almost 2 years of building, foundation work, adding 1,000 square feet, trying to sell it ourselves, having no luck so short-term renting it,having renters glitter bomb it, then finally selling.
Most of our properties take a little over 90 days, so the last one was a doozey. So when Mike found this deal, he seized the day, recognizing the amazing opportunity Dudley Court presented.
It was a tri-level, with a corner lot, in a quite street. Close to Old town Arvada, Ralston Creek park, beautiful properties that have been recently flipped in the neighborhood….and the best part is it’s only one mile away from our house!
We purchased the house through a wholesaler, so Mike literally hadn’t spent more than 25 minutes in the house in total, and I had never been inside at all. The way a whole sale deal works is they invite a number of investors and buyers into the house at a certain time, and you have less than 30 minutes to make an offer. You’re then notified if your offer wins – and we offered $10k over ask, so got it!
The sellers are able to leave whatever they want behind when they sell, as part of the allure with selling off-market. So, when we closed on the house, we finally got to head in and see the amount of stuff they left. Having lived there for 39 years, the couple who sold had accumulated quite a bit and it happened to be that they left quite a bit of it behind.
This past weekend, Mike had a bachelor party, so I headed to the house after work on Friday to do some cleanup. Not able to help more than part-time on our investments, due to the fact that I have a full-time day job, I always get excited for the weekends and evenings I am able to lend a hand.
I can’t do the skilled stuff Mike can, so am typically crawling in dumpsters, hauling dirty carpet, tearing out window treatments. You know, the gross stuff.
Over the last few days, spending a little over 5 hours getting after it, I was able to tear up all of the carpet upstairs along with the tack strips, rip up the carpet downstairs in the basement, take several loads from the crawl space into the dumpster, clean out all of the clothes and random things they left in the closets and smash down the dumpster so more would fit.
It was a productive weekend and I couldn’t be more excited about this project and am so looking forward to the transformation!
I’m going to try and blog on a weekly basis about the updates, lessons learned, progress of our sixth investment property. Follow along & feel free to ask me anything about the process!